WorksheetsYour Financial Wellbeing - Personal Finance Unit 1 Review
Total questions: 47
Worksheet time: 2hrs 34mins
Wellbeing is:
a state of feeling good, comfortable, and healthy about your life
being physically healthy
How popular you are with others and how smart you are in school
a description of your living situation that includes your finances and how successful you are
Which of the following is NOT a reason people do what they enjoy?
It has positive characteristics or is part of a healthy lifestyle
It has to be done and isn’t always fun
It involves spending time with others that you enjoy being around
It provides you with a sense of purpose or a feeling of belonging.
Which of the following is NOT a characteristic of people with high wellbeing?
They love what they do
They feel unsuccessful and unfulfilled
They are in healthy relationships
They feel like they belong and are part of a community
Which of the following is a sign that an activity is contributing negatively to your wellbeing?
You enjoy the activity and have enthusiasm towards it
You tend to zone out, procrastinate, or accomplish very little
You have others that enjoy being around while participating in the activity
You feel successful and accomplished with the results of the activity
Which of the following is NOT a domain of wellbeing?
Physical
Social
Daily
Financial
Nathan wants to improve his physical wellbeing. Which of the following activities would NOT help his physical wellbeing?
Staying indoors and sleeping all day for a week
Getting exercise by going for a walk each day
Eating more fruits and vegetables
Having a regular sleep schedule where he gets enough rest each night
Ashley wants to improve her intellectual wellbeing. Which of the following activities would most likely help her intellectual wellbeing?
Watching videos on social media for hours on end
Signing up for a class that her parents make her take
Starting a new project or learning a new skill that she is interested in
Taking more hours at work so that she can save more money for her hobbies
Janice wants to improve her social wellbeing. Which of the following would NOT help her social wellbeing?
Making time each week to meet with her friends
Having a group of people that she can depend on to help her if she needs help
Spending time with her family, which she likes
Keeping to herself at work and not interacting with anyone
Andrew wants to improve his emotional wellbeing. Which of the following would most likely help his emotional wellbeing?
Doomscrolling on social media
Having a strategy to calm down from stressful situations – like listening to music
Staying at his stressful job that makes him anxious
Keeping his problems and worries to himself
Penny wants to improve her financial wellbeing. Which of the following would most likely help her financial wellbeing?
Opening multiple credit cards so that she can pay for anything she wants
Not looking at her bank statements when they are available
Saving money from each paycheck and investing it when it reaches a certain amount
Spending her money on impulse buys online
“Your present self impacts your future self” means:
The choices you make now affect your future.
The past cannot influence the future.
Your future self controls your present actions.
Only others can impact your future.
Which of the following statements is true about financial wellbeing?
Financial wellbeing impacts all other domains of wellbeing because money is an important part of our society
Financial wellbeing is only part of an overall wellbeing so financial wellbeing does not have a major impact on your life
Financial wellbeing can be ignored because the things that make life comfortable are not affected by prices and money
Financial wellbeing has no impact on your overall wellbeing because money is made up
Sylas is studying financial planning in one of his classes. His teacher assigned him to create a timeline of his financial future. Where should the end of his financial planning timeline be set?
When his financial goals have been established
When his money management plan has established high wellbeing
When he is 70 years old
Never – it is an ongoing process
What is the difference between a trade-off and an opportunity cost?
A trade-off is a decision you make between two items and the opportunity cost is what you give up
A trade-off is a decision you make between two items and the opportunity cost is what you choose to go with
An opportunity cost is a decision you make between two items and the trade-off is what you give up
There is no difference, trade-off and opportunity cost mean the same thing.
Nicole has a budget of $150 for entertainment. She has the choice of using that money to pay for a weekend trip to visit friends in the city or using that money to buy some video games that she’s been wanting. Nicole hasn’t seen her friends in a while and chooses the trip. Which of the following is her trade-off?
Choosing between spending the money or not spending the money
Choosing between the trip or the videogames
A weekend trip to visit her friends
Videogames that she’s been wanting
Nicole has a budget of $150 for entertainment. She has the choice of using that money to pay for a weekend trip to visit friends in the city or using that money to buy some video games that she’s been wanting. Nicole hasn’t seen her friends in a while and chooses the trip. Which of the following is her opportunity cost?
A. Choosing between spending the money or not spending the money
B. Choosing between the trip or the videogames
C. A weekend trip to visit her friends
D. Videogames that she’s been wanting
In addition to trade-offs and opportunity costs, there are other considerations when making financial decisions. Which of the following is NOT something to consider when making financial decisions?
What other people are doing with their money
The priority of the choices you have
What financial impact your options have
The possible results and consequences of your decision
Erica wants to describe her values, which items would she be discussing?
Things that she intends to acquire, do, reach, or accomplish in the near or distant future
Things that are necessary or essential for life and survival
Things that reflect her fundamental beliefs about what is worthwhile and important to her
Things are unnecessary but desired, which increase the quality of her life
Which of the following is NOT a need?
Music and video streaming subscriptions
Food and water
Shelter and clothing
Medical care
Hannah needs to replace her phone. Which decision is based on her wants?
Hannah chooses to buy a model with high-speed internet for work and school
Hannah chooses to buy a model that is a few years old to save money
Hannah chooses to buy a model that is her favorite color
Hannah chooses to buy a model that lets her transfer her old data and number
Paul is considering his needs and wants as he plans for his future. When thinking about the house he wants, he ignores any house that doesn’t have internet access. Paul most likely considers internet access to be:
A value
A basic need
A non-basic need
A want
Ellen usually gets a cup of coffee and McDonald’s breakfast before school on Fridays as a treat for getting through to Friday instead of having coffee at home. Based on this information, Ellen’s habit can best be described as:
A. A value
B. A basic-need
C. A non-basic need
D. A want
Which of the following is NOT a major decision that you should plan and set goals for?
Whether to continue your education after high school
When to start a family and with who
Where you intend to live and the lifestyle you want
When to get work or maintenance done on your car
Tyler and Chris are discussing their goals. Which of the following are they discussing?
Things that they intend to acquire, do, reach, or accomplish in the near or distant future
Things that are necessary or essential for life and survival
Things that reflect their fundamental beliefs about what is worthwhile and important to them
Things are unnecessary but desired, which increase the quality of their life
Which of the following best describes a cognitive bias?
Having a preferred way of thinking
Preferring people who think or act that fits with your values, needs, and wants
A mental mistake your brain makes when processing a lot of information
A mental trick that is used to make decision making easier for your brain
Which of the following is NOT a cognitive bias?
Sunk-Cost Fallacy
Anchoring Bias
Fear of Missing Out
Growth Mindset
Timothy goes to the store to buy a new pair of shoes. The pair that he likes is $80. At the store he finds that shoes are Buy-2-Get-1-Free and that shoes are $50 a pair. Timothy decides to buy 2 pairs of shoes. What is this an example of?
Smart consumer skills because Timothy got a good deal
Cognitive bias in action because Timothy spent more than he intended
Financial planning because Timothy had a budget and knew what he wanted
Goal setting because Timothy wanted a pair of shoes
Which of the following is NOT a result of making poor financial decisions from cognitive biases?
Accomplishing your goals but becoming financially in debt
Spending more money than you intended for goods or services
Missing out on financial and non-financial opportunities
Having buyers’ remorse
Which of the following is NOT a way to overcome cognitive biases?
Set goals and create plans to accomplish those goals
Seek multiple perspectives and research from different sources
Only listen and follow the advice of friends and family
Be aware of cognitive biases and how to identify them
Which of the following is true about goal setting?
Goal setting is not important because you don’t know what the future will be like
Goals are like a bucket-list that may or may not happen
Goal setting is the first step in financial planning and informs financial decisions
Goal setting is important so you know how much money you will for your entire life
Which of the following is NOT an attribute of a SMART goal?
Specific
Memorable
Attainable
Realistic
Which of the following is NOT true about goals?
Writing down goals gives you have a document that you can return to and edit if needed
Goal setting is the first step to financial planning
Having goals is not important to your wellbeing because if you don’t accomplish your goals, you will feel bad.
Setting goals can help give you guidance on what choices to make both financially and in general
Kaylee will save her allowance of $25 per month to purchase a $150 mp3 player in six months. This is an example of what type of goal?
Short-term goal
Long-term goal
Mid-term goal
Immediate goal
Mark and Susan, a recently married couple with full-time jobs, set a goal of putting $200 in savings every month to make a down payment on a home in 10 years. What type of goal have they set?
Short-term goal
Immediate goal
Long-term goal
Unrealistic goal
Jeff wants to save $200 a month and use his job’s bonuses to help pay for a vacation in 3 years. This is an example of what type of goal?
Mid-term goal
Immediate goal
Short-term goal
Long-term goal
Amber has been working on creating goals for herself. Which of the following will most likely help her stay focused and accomplish her goals?
Amber tells her parents about her goals over the phone
Amber lets her friends set her goals
Amber writes her goals down and sets a plan and timeline for them
Amber thinks about her goals weekly
Which of the following an example of a financial goal?
Tommy wants to learn a new language
Rebecca wants to buy a new computer
Anthony wants to beat the mile record at school
Brenna wants to read 100 books in a year
Why is it important to write down your goals?
You have a document you can return to and adjust as needed
You don’t want to lose or goals or have someone change them
You should be able to remember your goals
It is not important to write down goals
How can you determine if a goal is realistic?
It is something you have done before so you must be able to accomplish it again
You have seen others accomplish the goal so it must work for you too
The media and culture you consume tells you it is something you can accomplish
Analyze trade-offs and opportunity costs to make sure the goal works for you and is something you want to accomplish
How does goal setting help your wellbeing?
Setting goals can give you sense of control and when you accomplish your goals, you feel successful
Writing things down helps you remember them which is good for your intellectual wellbeing
Having goals gives you sense of purpose in your life
Setting goals is not important to your wellbeing
Which of the following is NOT a good financial habit?
Saving money each month
Paying your bills on time
Not keeping track of how you spend your money
Not maxing out credit cards
Brayden has a budget of $200 for his hobbies each month. This month, he has decided to purchase a new telescope that is on sale and all of the extras that would go with it. Unfortunately, this means that Brayden has spent $500. Which of the following is NOT a possible result of his decision?
A. Brayden will likely need to reduce his spending next month
B. Brayden may need to pull money from a savings account to cover other expenses
C. Brayden will be able to contribute to his intellectual wellbeing by stargazing
D. Brayden will need a new job so that he has time to use his telescope
Steven sets the goal: I will buy a new computer. I will do this by saving $150 for the next 10 months. What is missing from his goal?
It is not measurable
It is not attainable
It is not realistic
It is not specific
It is not time bound
Mallory sets the goal: In the next 5 years, I will save $200 each month and half of any tax returns I receive each year until I have $15,000. What is missing from her goal?
It is not specific
It is not time bound
It is not measurable
It is not realistic
It is not attainable
Logan sets the goal: By the time I am 30, I will save $50,000 for the down payment on a house. What is missing from his goal?
There is nothing missing
It is not specific
It is not measurable
It is not attainable
It is not realistic
Jessica sets the goal: I will buy a house. I will invest $200 a month so that I have $30,000 needed for a down payment. What is missing from her goal?
It is not time bound
It is not realistic
It is not specific
It is not attainable
It is not measurable
Keith sets the goal: I will retire when I am 35. I will do this by saving $5,000 a month, making a million dollars, and winning the lottery so that I have $10,000,000. What is missing from his goal?
It is not attainable
It is not realistic
It is not specific
It is not time bound
It is not measurable
